Fair Trusts for Fiscal Responsibility Act
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
The bill creates imposition of tax on assets of trusts Subtitle B of the Internal Revenue Code of 1986 is amended by adding at the end the following new chapter: 16Tax on trust assetsSUBCHAPTER A—Tax imposedSUBCHAPTER B—Trust, requires imposition of tax There is hereby imposed a tax on the net value of all assets of an applicable trust held on the last day of any calendar year, and requires computation of tax The tax imposed by section 2901 shall be equal to the sum of— 0 percent of so much of the net value of all assets of the trust as does not exceed the 1 percent bracket threshold, 1 percent. It relies on compliance mandates, tax rate changes, definition changes, and product standards. The main policy areas are Agriculture, Finance, and Housing.
Who Benefits and How
Public beneficiaries or protected communities affected by the clause could face reduced risk, Regulated entities and members of the public affected by the bill could face lower compliance burdens, and Financial services firms and customers affected by the bill could face lower compliance burdens.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties, Regulated entities and members of the public affected by the bill would take on compliance duties, and Public beneficiaries or protected communities affected by the clause could face increased risk.
Key Provisions
- Creates imposition of tax on assets of trusts Subtitle B of the Internal Revenue Code of 1986 is amended by adding at the end the following new chapter: 16Tax on trust assetsSUBCHAPTER A—Tax imposedSUBCHAPTER B—Trust...
- Requires imposition of tax There is hereby imposed a tax on the net value of all assets of an applicable trust held on the last day of any calendar year.
- Requires computation of tax The tax imposed by section 2901 shall be equal to the sum of— 0 percent of so much of the net value of all assets of the trust as does not exceed the 1 percent bracket threshold, 1 percent...
- Creates trust withholding credit account Under rules established by the Secretary— each applicable trust which is subject to a tax imposed under this chapter, and each beneficiary of an applicable trust who receives a...
- Requires determination of net value of assets.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill creates imposition of tax on assets of trusts Subtitle B of the Internal Revenue Code of 1986 is amended by adding at the end the following new chapter: 16Tax on trust assetsSUBCHAPTER A—Tax imposedSUBCHAPTER B—Trust, requires imposition of tax There is hereby imposed a tax on the net value of all assets of an applicable trust held on the last day of any calendar year, and requires computation of tax The tax imposed by section 2901 shall be equal to the sum of— 0 percent of so much of the net value of all assets of the trust as does not exceed the 1 percent bracket threshold, 1 percent.
Key Policy Areas
Agriculture, Finance, Housing
Primary Purpose
The bill creates imposition of tax on assets of trusts Subtitle B of the Internal Revenue Code of 1986 is amended by adding at the end the following new chapter: 16Tax on trust assetsSUBCHAPTER A—Tax imposedSUBCHAPTER B—Trust, requires imposition of tax There is hereby imposed a tax on the net value of all assets of an applicable trust held on the last day of any calendar year, and requires computation of tax The tax imposed by section 2901 shall be equal to the sum of— 0 percent of so much of the net value of all assets of the trust as does not exceed the 1 percent bracket threshold, 1 percent.
Policy Domains
Whole bill
Identified Gains
- Public beneficiaries or protected communities affected by the clause
- Regulated entities and members of the public affected by the bill
- Financial services firms and customers affected by the bill
- Homeowners, tenants, or housing market participants affected by the bill
- Businesses and employers affected by the bill
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
- Regulated entities and members of the public affected by the bill
- Public beneficiaries or protected communities affected by the clause
Sponsors
Legislative Progress
In CommitteeRead twice and referred to the Committee on Finance.
Introduced in Senate
Mrs. Murray (for herself, Mr. Wyden, Mr. Van Hollen, Mr. …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
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